Third-quarter GDP revised up to 3.1% rate

WASHINGTON (MarketWatch) - The U.S. economy grew more quickly than previously stated in the July-to-September quarter due to stronger trade, faster health-care spending and increased local government construction, the Commerce Department estimated Thursday. The Commerce Department said third-quarter gross domestic product grew at a seasonally adjusted annual rate of 3.1% in the third quarter, which is the fastest rate of growth since the 4.1% pickup in the final quarter of 2011. The GDP numbers were well ahead of the government's initial estimate of 2% growth or even its most recent tally of 2.7%. Economists polled by MarketWatch had anticipated a 2.9% reading in the third and final estimate.

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